Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, pooh shmoo, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Milan Tomic, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, Patrick T, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Daniel Talero, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Yazan Qaraqish, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. Hicks, Liam, Logan Vrankovic, William Heaton, Paul McCourt, Daniel, Aaryan Koura, Steven, Christopher Boersma, Ulf Lundblad, Dorothy Watson, Greg Blake, Simon Bone, Livermores Quant, The Collier Report, Scott Gardner, The Man Koala, Brian McCullough, Daniel S. Smith, Finance Student, Julie, Mohammad Rehman, James Wallace, Daniel Poellmann, Edosa Odigie, Dixon Yuen, Marek Novák, Stamatis Drepaniotis Michael Smith, Ahmed Hamadto, Chris Davey, Mike Farmwald, Michael A. Mayo, Lachezar Georgiev, Kamet Batra, Bradley Johnson, Sagar Gudi, Michael Chessar, Kate ATL, Tong Cheung, Lady Dje, James Barnes, Chris Hall, Kurt Johnston, ICBM Catcher Juan Valdes, KernelSC, Linn Engström, Veltsh, Konrad P-kala, Pastacat, Adam Vorting, Matthew McQuade, Christopher Lesner, freebird, Kenneth WedMore Lund, erfective, Jason Young, Jonathan Kopnick, Peter Hendrickson, steel, Bastien, Tom Willett, Chris Whitehead, Anil Jason, JOJO, AS7, Greg Thatcher, Ezekiel Templin, MrLuigi1138 Grecia Bate, Leszek Frankowski, Nam Nguyen, Goutham, Karim THIBAULT, C, David R. Ingemi, Robert Wave, Dmitri Alexeev, Aaron Rose, Ethan Hernandez, Brett Turley, Claude Chevroulet, Adrian, Stephan Marosvary, Louis Julien, Jan Lukas Kiermeyer, Gearoid O Connor, Fredrick Saupe, Subliminal Transformation, Jason Horton, Alex McMahon, Adi, Ben, Kurt Mueller, Joaquin Madruga, Janusz Wieczorek, Federico Viscomi, Corgi, Mahdi, Burgerinn, Quinn Cone, Sam Doyle, QiKaiQian, Stephen, Joshua Rosenthal, Frank Yashar, Michael Smith, Emilian Marius Tudor, Julian Aßmann, Cormac, Ian Shearer, Theodosius the Elder, Michael Kopřiva, Tinni, Goran Milivojevic, chris, Joe Del Vicario, Alexandre Mah, ultima9, Norman A. Letterman, maRiano polidoRi, Stephan Prinz, Gary Yrag, Mattia Midali, Matthew Berry, Ann Williams, Jay T, Gabor, Florian Haas, Shivendra Saklani, Zachary Tu, Jeffrey, Lane Alan Deyoe, Chett Flynn Jonathan Horn, Mo Herbert, Lane Andrews, Justin Thuet, Olaf Thiele, Ivan Ilaev, Todd Gross, Andrea Russo, Douglas Caldwell, Devere, Wade Hobbs, Volodymyr Palii, James Hoctor, Gavotti SGP, Ryne Davis, Jean-Philippe Lemoussu, Keanu Thierolf, Grizzly Grey Bear, Muhammad, Michael Chow, Stefan Alexander, James Blandford, Miroslav Ognyanov, Scott Guthery, Vanya Davidenko, Arto Karhu, James Bache, Jason Harner, Dale Patch, Stefan Penner, Mischa Trunz, Arvid, Eric, Jonathan Metter, Junhong Low, John Way, Maria Baker, Luke Solomon, Sharath Vulupala, Keith Elkin, Chris Nicholl, Luis Carmona, Vinci Chan, Olivier, Yasha, James Yoh, Eduardo Martinez, Adi Blue, Swain Gant, georgejr, hyeora, Brian, old gambling art bag, Boussaken, Lukas Braszus, Vik, Chris Albertson, Rob Gundermann, Ming Chak Wong, Sprite_tm, Keith, Anurag Kumar, matt f, Douglas Caldwell, Ryan Stewart-Gardnier, Adgn, Ronald London, Chris Rock, Tuan Nguyen Minh, Daniel Baak, Ida Sanchez, Jeremy King, Maria, Julien Debache, M1, Dougald Middleton, Tom, MrChaos42, Diarmuid Kelly, Subodh Kafle, Davor Slutej, Gregory Mahoney, Angelo Rauseo, Christopher De La Cruz, Kirsten Banuelos, Ryne Davis, Era, Anne Molphy, Ekaterina Lukyanets, Alfred, Richard Agbaje, sugarfrosted, Okkie, rswaggs, Larry, Sarah, miilo, EatEmAll, Alexandre GUYAMIER-CROISSANT, Alex C and Yoshinao Kumagai

If you owe the bank $50k and you can't pay, you have a problem. If you owe the bank a billion and you can't pay, the bank has a problem.

You always have the most straightforward cut to the chase content of anybody from the finance world thank you for doing this

Watching Patrick Boyle is a lot more informative than Watching Bloomberg, The Economist and other mainstream outlets!

What a fantastic and well-balanced analysis. I have seen hour-long documentaries about the Belt and Road Initiative that were not nearly as informative as this 20-minute video. Subscribed.

Best financial KZfaqr by far. Thank you for sharing your knowledge

Slavery part I can confirm, in my hometown in Serbia one big Chinese factory is built by Vietnamese workers who don't get regularly paid and their passports are held by managers. There are NGOs who try to help by donating food and clothes to the workers. Quite embarrassing situation for any civilized country...

Patrick is one of my favourite presenters of finance & economics. Despite being experienced in international finance, I find I still have a lot to learn from Patrick. Great job.

There's certainly a slowdown inside China as consumption drops. After four years here, I've noticed the change. Many Westerners have left and there is a surplus of excellent Chinese graduates around. Salaries are lower, getting jobs or changing jobs is difficult but, oddly enough, education is still in demand.

I just love the way Patrick presents his analysis on whatever he's reviewing. It's like Walter Cronkite. Here are the facts, do with it as you will. Love his videos. The Musk Twitter one is still one of my faves.

Patrick, thank you. Your content is an oasis of level headed analysis without any clickbait and sensationalism, which I really appreciate. I'm sure most of your viewers are on the same opinion. I'm an OG subscriber of Tom Nash whose content I also enjoy but lately he has been using clickbait so much that I got bad news fatigue and stopped watching altogether. Once again, thank you for your straight to the point analysis.

These videos are so packed full of information. So glad I found this channel!

How is he able to make such a complicated story into a superbly written script that is easy to absorb? He doesn't even rely heavily on a constant photo roll, its mainly just him talking. Superb!

Another excellent piece from Patrick. He presented views from both side and remain neutral, and provided a balanced opinion that's hard to argue against.

Hey Patric, than you for your level headed assessment of the problems and what it could mean for China as well as the rest of the world. In the world of clickbate articles and sensationalizing every thing, no matter how significant your videos bring sober overview of the big events. Keep it up.

Patrick's analysis always make me want to open up the trading terminal, and drop a few million in collateral debt put option writes. But I don't have a few million, and I don't know anything about finance.

Love your in depth and not dumbed down video content. Thank you sir!

China loans themselves are not bad but somehow they seem to be giving more and more loans only to countries where the govt is corrupt or weak. A govt which doesn't question projects that in no way help the local economy is surely not a viable one and certainly not looking after its economy properly.

knowledge in abundance, facts without blinkers and lots to digest. Thanks for the insights and a well earned subscriber.

Thanks Patrick. Do you think the financial situation in China will have a ripple effect on the west, considering their financial system is starting to show signs of a major collapse?

Since subscribing to Patrick’s channel, my IQ has gone up 15 points, my biceps have added five inches, and I’m on a date with a different Instagram model every Friday night! Thanks, PB 😎👍

I usually don't listen to informative things without doing something else, like playing a game, or talking with people, etc...but man this is striking information that I was drawn into. And it's pretty worrying information too.

Very nice video I enjoy listening to you

Brilliant exposition, part of which sounds prophetic !

Best explanation of Belt and Road initiative I'd seen. Well done!

Then there's the internal debt crisis.

The holdings ive seen buying everything around the world is Fosun, China Three Gorges, HNA. Most of theyr investments have been with debt only. No capital raised

Just watched this again. This time I was able to understand the content and implications of what you are presenting Patrick. Thank you. An incredible piece of work.

It took 150 years for America to become the economic powerhouse that it is. Despite incredible resources. I went to China, and I saw all the totally empty apartment buildings and the evidence of a gold-rush type economy, full of weak banks and prestige projects. I was thinking "this is not how America started" and images of flashes in pans started appearing in my head.

Much better break down than you get on CNBC or Bloomberg. Thanks so much.

I guess one of the big differences between the Marshall Plan and the Belt & Road initiative, is the Operating System (culture) of the developers and the beneficiaries. In the case of the Marshal Plan, the main beneficiaries were Europe and Japan, both places with an Operating System privileging hard work and education, at the same time the US Operating System at that time also matched that of the beneficiaries (at least in some critical points). Nor should we forget that the beneficiaries had to start from scratch, which, terrible as it may seem, sometimes makes the reconstruction process easier (sometimes trying to modify what already exists is much more complicated). In the case of the Belt&Road initiative, I am not so sure that the Plan Marshal's context is matched, the beneficiary countries are more heterogeneous, and many of them start from a bad base to really absorb the benefits of the aid (which of course is not altruistic - it never is, but that doesn't mean it's automatically harmful-). In my opinion, the lack of transfer of skills is a symptom of this situation. In the case of the Marshal Plan, the beneficiaries were already an educated population, therefore the transfer of skills was relatively simpler. At the same time, China is a very different country from the USA, and I have my doubts that its culture is "easily" exportable. With this I do not mean that the Chinese initiative is going to fail, but the conditions from which it starts are very different from those of the Marshal Plan, and at the same time that it is much more ambitious in a much more complicated geopolitical context ... let's say that the Chinese are playing a very difficult match ..

Great as usual. Would love your take on the current crisis in China of people not paying their mortgage and disappearing savings from regional banks. 👍

Excited to see financial analysis on this topic, everywhere else I just see politics and propaganda. Very concerned that financial insolvency in China will ripple out in a 2008-esque fashion.

With the rate of inflation ravaging Russia and the world at large, the economy is heading towards a severe recession and The best way to find that balance between saving and living is employing the services of a professional.

The best analytical report on China's Belt & Road Initiative, ever sighted. The summary of the data and comments are just excellent. Opine, this video will be recorded / quoted as a source material, for Finance studies and research, present and future times. Thank you, Professor !.

Excellent broad review and analysis, which among many other things, at last explains why so many of the southern hemisphere countries are not supporting "the West" against Russian aggression in the Ukraine. Happy to have subscribed.

I think it should clarified, BRI isn't really a single policy. It's Xi claiming credit for the massive outflow of Chinese capital internationally looking for productive investment. Most of the money went into Europe, North America and the Middle East, which is how normal capital flows work. Xi looked at the portion going to the developing world and then just claimed credit, saying it's part of a grand economic strategy. Too much credit is given toward China in regards to their geopolitical strategy, when it seems they're acting just like any other nation and making just as many mistakes.

I don’t understand how you don’t have more subscribers.

Excellent video. So detailed. I thought I could see the big picture of geopolitical affairs, but this video showed me it's a much bigger picture. Thanks for enlightening me. Hope you keep it up. Subscribed!

Superb analysis; I have been watching you from the beginning. Your work is very greatly appreciated, my friend.

As a leftist (and I only say this because most of your audience probably isn't) I love how unbiased your channel is. I've unsubscribed to a lot of channels I used to watch to keep track of global financial conditions because they are extremely political and biased to the point that it messes up the quality of the videos, but I know that when I come to your channel, I'm just getting facts and sarcasm. I'm so glad channels like yours exist.

Great antidote to the recent episode of All In in their discussion of Sri Lanka. Nothing was mentioned about Chinese debt default, as I recall. Had no idea. Thank you!

Boyle for finance and macroeconomics, Mark Felton for history, McBeth for army and war related stuff. KZfaq is actually great!

No other channel handles the balance between comedy, information, interest, education, current affairs and memes quite like this one, every vid is an absolute treat, thank you mr Boyle!

Really well laid out, Patrick. Thanks for posting.

Very informative, thank you! Aside from the malpractice in investments, there is also the bigger danger of when these constructions projects are built due to the poor quality of materials used and end up falling apart after a year or so. Tofu dreg projects I believe they're called.

Very well spoken. Best reaserched and summarized video of this issue i've seen this far!

Patrick, given the complexity of the subject, your analysis is objective, methodical, and easy to follow. Your perspective is much needed in geo-economics.

So many great points & insights. Always love these well-researched videos!

There is so much bad debt in the Chinese economy; internally, that the external deck might not seem such a big deal at some point

Great overview of what’s happening in China. Why is not being reported in the mainstream media?

Very interesting. Thanks Patrick

Wow… these videos are just terrific…. Thanks Patrick 👍

My work is actively shifting casting and machined parts to Mexico as fast as humanly possible. China’s insistence on shutting down districts and ports means that we have hundreds of PO’s currently 6 to 12 months behind schedule. Getting product out of China and through the west coast ports of the US feels impossible at the moment. With everyone in our market raising prices drastically, we have enough margin to pay the higher prices that Mexico and Canada demand while maintaining enough profit to keep advancing as we were. Still can’t afford US products because most major suppliers raise their prices in relation to chinas price increases to maintain themselves as the most expensive options.

The old saying about history repeating itself applies here

Fascinating. I don’t understand any economics at all, but you just explain every financial term and it makes perfect sense.

A very one sided discussion Patrick. I don't hear you mentioning any of the huge bad loans made by western nations to developing nations and how this is the major attribute holding these mkts back, not the loans made by China.

I can listen to Patrick all day long. Such a soothing voice and so much great information

Wow, an extremely non bias report that focus on facts and numbers! This is why Patrick is the best financial analysis youtuber!

So hard to find unbiased analysis these days. Well done.

This was fantastic. My first view of Patrick and I'm impressed. This was the best explanation of the Belt and Road initiative that I've ever seen, and I've seen a lot of them.

Great content as always :)

I really enjoy watching your insightful analyses, Patrick. Keep up the good work!

Thanks for breaking down these topics so well and easy to understand. Your awesome

The port in southern Sri Lanka is worthless to both China and Sri Lanka. China took it cuz it was the only asset they could get at all from Sri Lanka. Also, it's purely a civilian port, it's operated and owned by a civilian company owned by Chines gov, but that doesn't mean China can use it as a military port. Not w/o Sri Lanka agreeing to that seperatetly.

Stellar review and why I think near-shoring and on-shoring will continue to grow

I wonder how the countries with shiny new railroads will be able to maintain them without the transfer of knowledge that usually comes with employing local workers...

High-speed railways in Indonesia also have a big problem now, and China wants us to pay over cost.

Is the debt held by Chinese government-backed companies, by intermediary banks holding derivatives or other instruments, or by actually private entities?

first time watched your video. You talked exactly what happened in my country, Malaysia. But most of the people don’t know they intention, they developed other countries to boost they own purpose. Engineer and high management directly from China and those workers were from Bangladesh, Nepal, Pakistan etc, no local labors worked at the site at all. Overdevelopment only benefit the corruption government but not the citizens. Endup, the national debt increased until cannot repay.

Another great video from Patrick. And this is my third attempt at placing a comment in this video. I think the biggest problem in China right now it's not the external debt on those mostly very very risky and uneconomic projects. the biggest problem in China is the biggest Bubble mankind History, their internal housing market. People in China pay up-front for a low-quality construction house, in the most expensive market in the world for a lease of 70 years of a property that is not even theirs! It's going to be biggest market collapse in History by far, making the tulip mania look something mild in comparison.

As always, a great overview of the situation, Patrick !

Nice Hanky! The colors seem to match the books on the table.

A few years ago Jack Na said Chinese Banks are like pawn shops I think he was right.

Fiscally and demographically China is done.

Sri Lanka’s external debt to China is so opaque that it is really difficult to tell what percentage of the country’s debt is owed to China.

Excellent presentation. 👍🏾

Given the gargantuan problems the Chinese have at home with their construction sector and their dire "Tofu Dreg" construction practices I'd be interested to know whether these belt and road projects are built to the same standard? Since the Chinese use their own people to build these projects it's not too much of a stretch to expect that anything they build will fail well before they get close to the end of their designed life.

Thanks!

Thank you for your insights. Very helpful.

as always the best analysis and appropriate history on youtube....

Moral of the story stay away from Chinese deals unless you want to become like Sri Lanka.

Thank u for this 👍

Whoa - a corded office phone in the background. Super retro!

As a somewhat interesting sidenote, the Belt* and Road initiative is spelled "一带一路" in Chinese and literally means "one belt one road," which kinda inspires an image of people going down a united path, since in Chinese we call like-minded people "一路人" (literally, "people down the same path"). Just thought it was interesting since me as someone who have only heard of the initiative's name without knowing the details has this kind of a fuzzy positive feeling towards the project.

India was smart enough to skip China's initiative. Other countries shall wake up, its better late than never.

20 to 35% of belt and road money also went to corrupt officials.

Many Thanks for your Fantastic Analysis Sir!!

Great video. Thank you! Your presentation was easy to understand. Many thanks for explaining how banking (as a lender and/or debtor) is a major contributor in steering a country's geopolitical strategy at any given moment.

Excellent analysis. In the 20th century the foreign investments of many US corporations were nationalized. I don't see how China can hedge against that outcome.

This man is precise with his analysis. Very coherent and to the point. He explains difficult concepts in great detail.

Easy to understand & no political goal scoring. I like it.

Why should a 16-17-18 year old work? Why is it a problem that 1 out of 5 people aged 16-24 don't have a job? When they are 16-19 years old, they should be in school and not looking for a job... When you exclude 16-19 years old people from that list, that leaves you with 20-24 y.o. group. That means that the unemployment rate is a much better one than 16-24 y.o.

By the way you crushed it like usually emerging market bonds and high yield debt are overvalued even with the massive drops.

I cannot imagine it being at all popular for the leaders of developing nations to barter away their countries' natural resources to China in order to obtain debt relief (especially when that debt relief is temporary). It would also be very easy for a challenger to seize power by promising to repudiate these deals, or even repudiate the debt incurred by previous regimes. (Whether or not they actually do this is another question.)

Thank you. This was very informative.

Thank you very much for this information. All the best for YOU.

Slowly turning into one of my favorite YTers.

Good informative video. Thanks 🙏

Love the your analysis, enjoy your content, looking forward to your next video.👍👍👍